. >> tom: are you referring to government spending cuts or or the central bank continuing with the firewall and protection. >> i was thinking about two things. the program that the b.c. b.has put in place, which has not been taken up. but if it needed to be taken up, i think it should. the other is the progress on the banking union, which is a really important thing. they have taken the first steps, jut the first steps. there is quite a way to go. >> tom: let's talk a little about the united states, because you do address the u.s., and obviously congress and the president keep putting off decisions on spending cuts for america's government budget. how does that postponement impact your forecast? >> we have assumed that basically the fiscal confrontation for this year will be about 1.25%. it could be worse. the scenario under which it is worse, is the case in which the administration comes in. if administration comes, the cuts in spending, there will be and additional half a percent. i think we have a forecast of 2%, and a decreased goal of 1.5%. >> tom: slow but steady growth in the united